Petroleum expo expected to fetch Dh4b in deals

Abu Dhabi: The Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi in November is expected to generate more than Dh4 billion in industry deals, the event's organisers said yesterday.

The conference, named Adipec-2010, will run from November 1 to 4.

Hifazat Ahmad, Event Director for Adipec 2010, told Gulf News: "For the UAE and Abu Dhabi this key event means big business, benefiting the city and the region with an impressive Dh600 million in flow-on revenue from exhibitors and attendees alone — from hotel bookings to exhibition stands, gift purchases to tours and so on".

Influential guests

He said more than 40,000 regional and international professionals, including 1,600 exhibitors from 59 countries, had said they would take part in the event and represent the "who's who" of the oil and gas industry.

He said 262 speakers from 33 countries were taking part and the participants included professionals from global companies such as Schlumberger, ExxonMobil, BP and Total.

"The impressive speaker lineup is testimony to the level of interest in this year's event," Ahmad said.

"Adipec sold out as an exhibition eight months in advance and companies have been wrangling for key positions within the event.

"With more than two thirds of the world's oil reserves being centred on the GCC region and billions of dollars being invested for exploration, production, processing and infrastructure, the world is looking even more deeply at the region as international companies see the future of their supplies running low."

Ahmad said the Abu Dhabi Department of Economic Development said last month that the UAE hoped to increase its oil production capacity to 3.5 million barrels per day by 2018 from 2.7 million.

The Department of Economic Development report also estimated the UAE's proven oil reserves at 98.2 billion barrels, ranking it the seventh largest in the world.